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Scrap is a term used to describe used and recyclable materials left over from every manner of product such as parts of vehicles {metal, tyre etc}, paper, nylon, computer parts etc. Often confused as waste, scrap in fact has significant monetary value.
Scraps are articles that are not wanted but are of some value for the material they are made of and metal scraps are useful because of the iron they contain. Examples of metal scrap includes automobile parts, ship parts, industrial parts, building parts and household parts that metal can be extracted from.
Metal scrap can be basically classified into two categories namely HMS {Heavy Melting Scrap} and Used Rails. HMS can be further divided into two groups namely HMS 1 and HMS 1 & 2 depending on the composition of the heaviness of the scraps.
Metal scrap trading in Nigeria is very lucrative in the sense that the demand for the product outweighs the supply. The nation’s national steel consumption rate which is presently estimated at 2,000,000 MT annually is been meet through the recycling of metal scraps due to the fact that our mining sector in comatose thereby making demand exceed supply.
In Nigeria, the demand for metal scraps can be traced to the very increasing growth of building construction where they are used as steel bars. Approximately, about 70% of recycled metal product in Nigeria end up been used in the construction industry. The Market for the metal scrap in Nigeria is huge and expanding. The estimated size of the local market is put at about N3 Billion annually.
The business has been analyzed to be a huge source of income for traders due to its increasing demand by metal recycling companies and the ban on the export of metal scraps from Nigeria.
Metal scrap trading business which entails the buying and selling of metals scrap can be started with N 100,000 or less depending on the scale the investors wants to start from. The return on investment is about 10%-15%.
To continue reading this article and other investment opportunities in Nigeria, please do click on the link below
SUPPLY METAL SCRAP TO LOCAL INDUSTRIES IN NIGERIA AND MAKE HUGE PROFIT.
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1. METAL SCRAP TRADING IN NIGERIA; THE FEASIBILITY REPORT.
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